The developer behind the sold-out Fairview Row condominiums in Raleigh’s Five Points neighborhood is gearing up for a new upscale condo project on Wade Avenue.
Raleigh-based Beacon Street Development anticipates breaking ground late this year or early next year on a new five-story building with 27 condo units by the intersection of Wade Avenue and St. Mary’s Street.
The condos, which haven’t yet been priced, will range from two-bedroom units encompassing 1,800 square feet to four-bedroom, nearly 3,500-square-feet units. All the units will feature 10-foot ceilings and, like Fairview Row, the new construction is designed to fit in with the surrounding neighborhood, Jim Wiley, Beacon Street’s president, said in an interview.
The new units will combine “traditional materials and architecture with modern details such as generous floor plans, oversized windows, and superior finishes,” Justin Hime, sales and marketing director, wrote in an e-mail.
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The new project comes at a time when the Triangle’s condo market is on the upswing – in part because of a lack of new construction. In addition, smaller condos are increasingly attractive to apartment dwellers because of rising rents.
Average rent, including concessions, averaged $1,011 in the first quarter, up 4.7 percent from a year ago, according to MPF Research, which analyzes apartment data in 100 U.S. metropolitan markets.
Beacon Street plans to file its site plan for the approximately 1-acre Wade Avenue site with the City of Raleigh on Tuesday, the initial step required to obtain a building permit.
“The site that we’re working on is fully zoned and everything for what we want to build” and therefore the plans don’t require approval from the city council or the planning commission, Wiley said.
The new project hasn’t yet been named. Internally, Hime said in an interview, Beacon Street employees have been referring to it by its address, 620 Wade.
The project, which is adjacent to the 1300 St. Mary’s condominiums, offers access to Cameron Village, Glenwood South and Five Points, Wiley said.
The developer’s timeline calls for prices to be set in the next few weeks. In the meantime, “we’re basically starting to meet and talk with potential homeowners right now,” Wiley said.
Two of the three buildings in Beacon Street’s Fairview Row project are fully occupied, while all of the condos in the remaining building have signed contracts. That building is expected to be completed in a matter of weeks.
Those units started at 2,000 square feet – larger than the smallest unit in the Wade Avenue project – and range as large as 4,000-plus square feet. They sold for between $700,000 and nearly $2 million, Wiley said.
Although the trio of buildings are all newly constructed, Wiley said he’s pleased that visitors and others often ask if the buildings have been renovated.
“I think that’s a testimony to our team and our love for timeless architecture that really fits the neighborhood,” Wiley said.